TechFlow news, September 17 — According to Decrypt, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced sanctions against two Iranian individuals and several companies based in Hong Kong and the UAE. These individuals and companies are accused of transferring over $100 million in illicit oil sales proceeds via cryptocurrency since 2023, with funds directed to the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF) and the Ministry of Defense and Armed Forces Logistics (MODAFL). The sanctions are part of U.S. efforts to disrupt Iran’s "shadow banking" system, which uses shell companies and cryptocurrency exchanges to launder money. Israel previously imposed sanctions on 187 cryptocurrency wallets linked to the IRGC.
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